If you have a Flexible Spending Account, then you already know you have to spend your remaining funds before the end of plan year deadline. What you might not know is the best way to spend that money to your benefit. Thankfully, Sackett & Associates Insurance Services has six great options for spending your reserves in ways you’re sure to appreciate before time's up.
1. Household Medical Supplies
If your household medicine cabinet is looking a little empty, you can use your FSA to restock. You might not be aware of it, but you can buy items like allergy medications, contact lenses, sunscreen and even first aid kits with your spending account.
2. Cold Medicines and Decongestants
Do you find yourself coming down with a cold the moment cold and flu season starts? Use your FSA funds to buy up cold medicine and decongestants to ease your discomfort and breathe again. Keep your suffering at a minimum and halt the unnecessary spread of germs and bacteria.
3. Baby Supplies
It’s no secret that starting a family can be quite expensive. To help, you can use the pretax money in your FSA to buy baby supplies. Besides thermometers and diapers, you can also buy diaper rash ointment and teething pain relievers. Women who aren’t sure if they’re pregnant can also purchase pregnancy test kits.
4. Yearly Checkups and Exams
Be sure you make an appointment with your primary care physician for your annual checkup before the deadline. Routine checkups and exams can bring you great peace of mind if you haven’t been feeling your best lately, and you’ll also receive tips on what you can do to improve your health. Know you can also use your funds for eye exams if you wish.
5. Dependent Care
Depending on your specific FSA plan, you might be covered for care for your child or dependent. Specifically, your funds can be used for childcare, after-school programs and even adult care if you help tend to an adult family member.
6. Prescription Vitamins and Medication
While you’re getting household medical supplies, don’t forget any prescription vitamins or medications you’re currently taking. You might not need any now, but you could learn you should start taking some after the annual checkup or exam touched on above. Make an appointment ASAP.
For even more guidance on how to spend your FSA money before the upcoming deadline, contact Sackett & Associates Insurance Services, like us on Facebook, find us on LinkedIn and subscribe to our blog.